an ESOP headquartered here in Leesburg,” explains CFO Shane Williams. By June 2018, CMI had fully transitioned to an ESOP, marking a significant milestone in the company’s history. Even before 2014, the goal envisioned was to make every employee a part-owner, aligning their interests with the company’s success. Since becoming an ESOP, CMI has seen tremendous growth. During the pandemic, sales surged over 50% from pre-pandemic levels, driven by the increased demand in their industry. Fortunately, the company has its This transfer ensured that the company remained a community asset, even as discussions began to transition CMI to an Employee Stock Ownership Plan (ESOP). In 2018, CMI’s journey to becoming a 100% employee-owned ESOP company was completed. This transition was meticulously planned, involving strategic discussions and financing agreements with the hospital and a local bank. “One of the key points that Mr. Gregg focused on was a commitment to his community in Leesburg. So, one of the goals of the hospital and hospice was to keep it local, and the way to do that was to create 5 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 07 CONSOLIDATED MINERALS INC.
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